Saturday, August 15, 2020

Rutland retail distributor lands seven-figure finance facility

A distributor of outdoor and country clothing to retailers across the UK and Europe, has secured a seven-figure finance facility from HSBC UK to support the business during the Coronavirus pandemic.

Bradshaw Taylor, which is headquartered in Rutland, supplies over 1,000 retailers and remained open throughout the lockdown period to provide continued support and meet an increased demand from its e-commerce customers.

The funding from HSBC UK, which forms part of the Coronavirus Business Interruption Loan Scheme (CBILS), will support the business’s cashflow during this period as it looks to cope with increased stock levels due to the lockdown – with the company incurring costs to both store existing stock whilst also having to buy in new lines.

Corry Taylor, Managing Director at Bradshaw Taylor, said: “We received spring product lines from our suppliers before lockdown but with retailers temporarily closing across the UK and Europe, this stock was never shipped.

“We’re now faced with excess stock levels as we begin to receive our autumn/winter lines. The support from HSBC UK has enabled us to weather this period and continue to support our customers, who are also facing similar challenges.”

Richard Parker, HSBC UK Relationship Director East Midlands Corporate Banking, added: “We were pleased to be able to support the team at Bradshaw Taylor as they navigate this period of uncertainty. The funding will not only support the current challenges posed by an increase in stock but also help the team to plan for the future.”

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